Home / QTel seeks $1bn funding

QTel seeks $1bn funding

Conventional, Islamic financing options requested

QTel seeks $1bn funding
Qtel is targeting $1bn in new loans.

Qtel, Qatar’s incumbent operator, has made requests for proposals (RFPs) to banks for a syndicated loan of up to $1 billion, according to a report from Reuters, which cited unnamed bankers.

The loan will be used for general corporate purposes, including refinancing, the report stated.

The request is for financing with three, four and five year maturities and includes conventional and Islamic Murabaha financing options, according to the report.

In August, Qtel repaid a $3 billion syndicated term loan from existing funds. It originally signed the five-year syndicated term loan in August 2007 through bookrunners Barclays, BNP Paribas, DBS and RBS, Reuters reported. The loan was priced at 65 basis points over the London interbank offered rate (Libor).

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